Real Estate in Turkey

Property in Turkey

Introduction to Turkey

The Republic of Turkey is one of the most exciting countries in the world in terms of political and economic significance. Located between Europe and Asia, it has served as a bridge between Eastern and Western civilizations for hundreds of years. Modern Turkey, founded in 1923, is a unitary, parliamentary, constitutional republic. It was established after the decline of the Ottoman Empire, which, for centuries, had dominated Anatolia (Asia Minor), the Balkans, the Middle East and North Africa. The Ottoman cultural heritage is still prevalent, as well as that of other Turkic states, who have called Anatolia their home for nearly 1000 years. Of course, even before that Anatolia has been home to many older civilizations and modern Turkey is a wonderful collage of all the traces of past civilizations that have inhabited this unique geographical zone. Today, as archeological research goes on, Turkey lays claim to a history that is even older than what has once been recognized. Recent findings in Istanbul demonstrate that the earliest settlements in the region date back to 8000 B.C., while the findings in Göbeklitepe, near the eastern province of Şanlıurfa, have produced evidence of the first religious temple in the world. At 12.000 years old, it is even older than Stonehenge. Through prehistoric times and antiquity, from the Byzantine period to the Seljuk and Ottoman periods, the area, known as Turkey, has been the center stage of civilization. It is safe to say that, with each new finding, Turkey’s history, and that of the world, is constantly being rewritten

Turkey lies along latitudes 36° and 42° N, and longitudes 26° and 45° E. Its total area is 783,562 square kilometers, making it the 37th-largest country in the world, in terms of size. The country is shaped like a giant peninsula, with seas on three sides: the Aegean Sea to the west, the Black Sea to the north and the Mediterranean to the south. In addition, there is the internal Sea of Marmara in its northwest, separating European Turkey from Asian Turkey via the straits of Bosphorus and Dardanelles. Turkey is bordered by eight countries: Syria and Iraq to the south; Iran, Armenia, and Azerbaijan to the east; Georgia to the northeast; Bulgaria to the northwest; and Greece to the west. In terms of climate and biodiversity, Turkey is one of the luckiest countries in the region. Boasting almost all known types of geographical formations, rich underground resources, fertile lands and abundant water sources; it is a self-sufficient country that has it all.

Turkey is the world’s 17th largest economy, with a future vision to be among the top 10. It is home to almost 80 million people, with half of its population under the age of 30. It is a member state of G-20, UN, NATO and OECD. It has also started full-membership negotiations with EU. It has a per capita GDP of $10,482. With one of the largest armed forces in NATO; it is an important regional power.

Recently, Turkey has been one of the fastest-developing countries in the world. Agriculture, automotive, mining, ICT (information and communication technologies), electronics, tourism, textiles, logistics and manufacturing can be considered among the main driving forces of its economy. Many Turkish companies and holdings are currently listed in the Forbes Global 2000 index. The real estate market has become another force to be reckoned with lately, thanks to the country’s rising popularity, drastic regional changes, as well as changes in Turkish law. Its political and economic stability in recent years has helped Foreign Direct Investment flow into the country, helping it attain an almost 10% annual growth rate in recent years. It has also become a regional economic hub, with Istanbul being its finance center. Many multinational corporations have their regional headquarters in Turkey. Its seas and straits make it an important country in terms of shipping and foreign trade. Home to many regional and multinational trade fairs, an ever-growing number of shopping malls, including some of the largest ones in the world, being the leading investment country in Europe for GDP growth projections and strong financial and banking regulations all contribute to this newly established position

Currently, the liveliest market in Turkey is that of real estate and property investment. Our buyer guide concisely sums up everything you need to know about this thriving market. From essential information to legal and economic basics, we will help you get a clear idea of what it takes to own property in Turkey and why you should invest in this exciting country with many opportunities and unharvested potential.